I just spotted a tidbit in FT: "More than two dozen feeder funds held more than $20bn with Mr Madoff, tarnishing the reputation of some of the biggest private banks and hedge fund specialists, as well as Santander, the Spanish bank. Operators of the feeder funds included some big names in fund management, including Union Bancaire Privée, the Swiss private bank, Tremont, owned by OppenheimerFunds, the US asset manager, and Pioneer Alternative Investments, part of Italian bank Unicredit."
My emphasis. What financial arsonist do we know who works for Oppenheimer ?
On another matter, again from FT: "Russia has won $25bn in loans from China in return for agreeing to supply oil from new fields in eastern Siberia for the next 20 years as Moscow seeks funds to see its oil industry through the financial crisis. ... But analysts warned that Russia could have to divert crude supplies headed to the west in order to meet the terms of the deal as it faces a deepening decline in production this year. “There is no way Russia can deliver that amount of oil right now without taking it away from existing export routes to the west,” said Chris Weafer, chief strategist at Uralsib investment bank in Moscow. "
I expect more Chinese opportune investments to secure supplies of resources.
Hmmm ... I also note they are not making grandiose (delusional) plans to invest in "Green" energy.
Another fraud emerges (WSJ): "The Securities and Exchange Commission charged Texas financier R. Allen Stanford with an $8 billion fraud, alleging in a civil complaint that he lured investors with promises of high returns on certificates of deposit but poured their money into a "black box" of hard-to-trade assets."
Don't bet the farm on these market lows holding. The bears are going to bust them open to look for new sellers lower. They have big short positions to cover and need real sellers.
PS: Why does anyone listen to Elmer anymore ?
Word of the Day
"Puissance" - noun and adjective [$10]
Puissance means (noun - archaic) strength, power; (adjective - literary) having great power or influence, mighty.
Sentence: When will the Obama realize the presidency requires puissance, not pusillanimity.
Le Mot du Jour
"Relancer" - verb, transitive - regular -er verb with the 'c' becoming 'ç' in 1st person plural and before an 'o' or an 'a'.
Relancer means 1. to throw back (again) (+ an object); 2. to start again, to revive; 3. to boost, to stimulate.
La Phrase: Hier Obama a singé son plan qui devrait relancer la machine economique.
Sentence: Yesterday Obama signed his plan that should stimulate the economic machine.